360T Podcast Series

Geopolitical tensions are rising, central banks have shifted dramatically towards higher rates and long-term bond yields continue to climb. Yet FX volatility remains remarkably subdued. Why have currency markets stayed so calm—and what could finally trigger a genuine regime shift?

In this episode of the 360T Podcast, Lee Ferridge, Head of Macro Strategy at State Street, explores the forces shaping global currency markets and explains what State Street’s proprietary institutional-flow and positioning data reveal about investor behaviour.

Ferridge examines whether the much-discussed “sell America” trade is actually visible in the data, why foreign investors have not increased their hedging of US assets as much as expected, and whether the dollar’s position as the world’s dominant reserve currency is genuinely being eroded. He also considers the outlook for the yen following coordinated intervention by the US and Japan — and explains why intervention alone cannot overcome the underlying influence of interest-rate differentials and unhedged investment flows.

The conversation also explores why abundant liquidity and resilient equity markets have continued to suppress FX volatility, how rising long-end yields could disrupt that dynamic, and why relative equity-market performance is becoming increasingly important to currency forecasting as traditional valuation models lose influence.

Ferridge contrasts the lack of sustained trends in G10 with the compelling carry and currency appreciation available across parts of emerging markets, before identifying the risks that investors may not be fully pricing — including debt sustainability, weakening consumers and the possibility of a renewed surge in oil prices.

A wide-ranging conversation about the dollar, the yen, institutional positioning, changing forecasting frameworks and where the next major FX market moves could come from.

Algorithms can react in microseconds, process vast amounts of data and execute thousands of trades at a scale no human could match. But can they sense when the market regime is changing? And can AI ever replicate the intuition of an experienced trader?

In this episode of the 360T Podcast, FX industry veteran Stephen Flanagan explores the evolving relationship between human judgment and automation in modern FX trading. With a career spanning more than four decades — including as Executive Director and Global FX e-Commerce Risk Manager at J.P. Morgan — Flanagan has witnessed the market’s transformation from human-led trading to sophisticated automation firsthand.

He examines whether trader intuition is simply data we haven’t learned to measure yet, why algorithms can struggle when familiar market patterns suddenly break, and how both humans and machines can be vulnerable to bias.

For Flanagan, the future isn’t about choosing between humans and machines. It’s about harnessing the strengths of both. Algorithms bring speed, scale and disciplined execution; humans bring contextual judgment, regime awareness and oversight. The key is building the right “harness” around increasingly powerful technology — allowing machines to do what they do best while keeping human experience firmly in the loop.

A fascinating conversation about AI, trader intuition and why the future of FX trading may depend less on choosing between humans and machines, and more on learning how to make them work together.

Tibor Gergely, Head of e-FX Liquidity at Commerzbank, joins the 360T Podcast to discuss the evolving structure of electronic FX markets and the growing role of data, automation, and pricing intelligence across Spot and Swaps trading. Drawing on extensive market-making experience, he explores how liquidity providers build pricing from fragmented market data, the continued electronification of Swaps, and the operational challenges of managing global FX liquidity.

Gergely also examines how market makers assess liquidity quality, execution performance, and market impact in an increasingly data-driven environment. From RFQ analysis and flow profitability to real-time risk optimisation, he explains how FX participants are using technology and quantitative analysis to refine pricing and strengthen client relationships.

Finally, Gergely shares his perspective on the electronification of FX Swaps through platforms such as 360T’s Swaps User Network (SUN), highlighting the benefits of greater transparency, execution certainty, and efficiency — while also addressing the technological and risk-management demands facing liquidity providers.

Santhosh Srinivasan, Group Treasurer at Nium, joins the 360T Podcast to explore the unique FX challenges facing fintechs operating in a 24/7 business environment across global payment corridors. Drawing on experience at both banks and fintechs, he examines how the treasury function has evolved from a pure operations role into a critical revenue and risk driver — and why getting treasury right from the outset is essential for scaling companies.

Santhosh discusses the complexities of managing FX exposure across exotic markets, the dynamic hedging strategies required in an era of constant geopolitical volatility, and how technology and proper tooling unlock the visibility needed to operate at scale. He also shares how treasury performance can be measured and communicated to senior stakeholders through concrete metrics spanning FX P&L, hedging costs, and liquidity efficiency.

Finally, Santhosh offers a compelling perspective on the growing role of stablecoins in fintech treasury — outlining the tangible benefits for capital efficiency and FX risk reduction, while candidly addressing the practical considerations any treasurer must work through before adoption.

Gerardo Garcia, General Director of Central Bank Operations at Banco de México and Chair of the Global Foreign Exchange Committee (GFXC), joins the 360T Podcast to explore one of the most important initiatives shaping modern FX markets: the FX Global Code. Reflecting on its origins, he discusses how the Code has helped rebuild trust, strengthen governance, and establish a common standard of best practice across a truly global marketplace — while also highlighting where further progress is still needed, particularly on buy-side adoption. 

Looking ahead, Garcia examines how the Code is evolving to keep pace with a rapidly changing market environment. From artificial intelligence and automation to shifting market structure and the rise of new participants, he shares how the GFXC is approaching these developments to ensure the Code remains relevant, practical, and forward-looking.

He also offers a unique perspective on the continued electronification of the Mexican FX market, the growing global significance of the peso, and the role of technology in driving greater transparency, efficiency, and resilience across FX trading.

As he prepares to retire from a 40-year career in FX, including the last 25 at T. Rowe Price where he currently serves as Head of FX, Toby Baker reflects on how technology has transformed buy-side trading desks. He examines how the rise of e-trading reshaped market structure by driving new efficiencies, and explores the next wave of innovation — from AI and automation to tokenisation and advanced data analytics — set to define the future of FX trading. 

Baker also discusses the pivotal role FX plays as both a global asset class and a core component of investment portfolios, and considers how traders can continue to add value in an increasingly automated environment. Finally, he reflects on the best career advice he has received and shares his own guidance for the next generation of FX professionals.

As tradition dictates, Colin Lambert, Co-Founder of The Full FX, kicks off the year by joining our first podcast to unpack the biggest moments and surprises from FX in 2025 — and to offer his predictions for what lies ahead. Undeterred by the mixed fortunes of last year’s calls, Lambert forecasts major crypto and stablecoin developments in traditional FX, pre-emptively bemoans the noise around Europe’s shift to T+1, and warns that technology is starting to threaten established market-data businesses. He also makes the case for continued investment in discretionary funds, predicts at least one major hedge fund casualty in 2026, and — after a stellar Trade of the Year performance in 2025 — explains why he’s now selling TBH/HUF.

This episode begins with Michael Angjeli, Treasury Manager, FX, at Wise, discussing how the goals and objectives of FX trading and risk management within treasury organisations shape and dictate execution decisions. He then explains how Wise has adapted its hedging strategies in response to market volatility, adopting a more dynamic approach to adjusting hedge ratios, particularly for emerging market currencies. Angjeli also highlights the proactive steps Wise has taken to leverage technology and robust analytics to achieve cost reductions, efficiency gains, consistent pricing, and minimised operational risk in FX trading.

In this episode of the 360T podcast, Allan Guild, Director at Hilltop Walk Consulting, shares insights from his role chairing the recent TradeTech FX USA conference. These include how rising geopolitical uncertainty has heightened the focus on FX as an asset class, the ever-changing liquidity landscape and the growing importance of data-driven decision-making on the buy side. Guild also discusses the increasing role of automation and the evolution of FX algo trading, the challenges of integrating new technology into existing infrastructures, and the competitive pressures driving buy-side firms to accept change.

Once again, Colin Lambert, Co-Founder of The Full FX, joins the podcast to make a series of predictions for the year ahead. But first we review and, for the first time ever, score his predictions from 2024 – has Lambert been looking into a crystal ball or a snow globe? Looking ahead to 2025, Lambert predicts that volatility will drive trading volumes up significantly across the industry, that regulators in the UK and Europe will get serious about enforcing rules for trading platforms and that the latest wave of non-bank market makers to enter the FX will find it a challenging marketplace. He also makes the case that FX options trading activity will continue shifting towards electronic trading platforms, sees currency CTAs heading for a banner year and suspects that debates around pre-hedging will rumble on with no real conclusion in sight. And, of course, Lambert picks out his infamous Trade of the Year!